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China stocks close near two-month low

Apr 20 2017 11:24
Bloomberg News

Shanghai - Chinese shares closed near their lowest level since early February as energy shares dropped and investors turned to companies whose earnings are less reliant on economic growth.

The Shanghai Composite Index was little changed at 3 172.10 at the close. PetroChina was among oil companies that declined, while traditional Chinese medicine firm Yunnan Baiyao jumped to a record as health-care shares climbed. The Hang Seng China Enterprises Index added 0.7% to 10 056.17.

The benchmark in Shanghai slipped 3.2% over the previous four sessions amid increased scrutiny of market speculation. Liu Shiyu, the country’s top securities regulator, said at the weekend China’s bourses should punish market irregularities “without mercy.”

“People are still pretty worried about financial scrutiny, and the market outlook will depend on the next steps of regulators,” said Li Bin, a Shanghai-based analyst with Capital Securities Li said he expected the index to trade around 3 100 to 3 300 in the short term.

The Hang Seng Index climbed 1% to 24 056.98.

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equities  |  markets  |  china stocks

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